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What is Blockchain Technology? A Step-by-Step Guide For Beginners
1 month ago
Topics: Blockchain 101
Is blockchain technology the new internet?
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym Satoshi Nakamoto.
By allowing digital information to be distributed but not copied, blockchains create the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
Bitcoin has been called “digital gold”, and for good reason. To date, the total value of currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you don’t need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary.
What is Blockchain Technology? A step-by-step guide than anyone can understand
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)
A distributed database
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.
Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
To go in deeper with the google spreadsheet analogy I would like you to read this piece from a blockchain specialist.
What is Blockchain Technology? A step-by-step guide than anyone can understand
Blockchain as Google Docs
“The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes, because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again).
With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.
Imagine the number of legal documents that should be used that way. Instead of passing them to each other, losing track of versions, and not being in sync with the other version, why can’t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow.
You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one.”
William Mougayar, Venture advisor, 4x entrepreneur, marketer, strategist and
blockchain specialist
What is Blockchain Technology? A step-by-step guide than anyone can understand
Durability and robustness
Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
Be controlled by any single entity.
Has no single point of failure.
Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
The internet itself has proven to be durable for almost 30 years. It’s a track record that bodes well for blockchain technology as it continues to be developed.
Transparent and incorruptible
The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes. A kind of self-auditing ecosystem of digital value, the network reconciles every transaction that happens in ten minute intervals. Each group of these transactions is referred to as a “block”. Two important properties result from this:
Transparency
data is embedded within network as a whole, by definition it is public.
It cannot be corrupted
altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.
In theory, this could be possible. In practice, it’s unlikely to happen. Taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
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Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
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Paste-up street art in London, England by Slow Shrug. Seems like Satoshi Nakamoto stopped being poor!
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database. Nakamoto was active in the development of bitcoin until December 2010. There has been widespread speculation about Nakamoto's true identity, with various people posited as the person or persons behind the name. Though Nakamoto's name is Japanese, and inscribed as a man living in Japan, most of the speculation has involved software and cryptography experts in the United States or Europe.
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Etherecash.io. Russia’s own cryptocurrency will be beneficial for the Russian government in collecting income taxes from individuals.
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Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Through the CBA's Intelligent Deposit Machine (IDM) network, money launderers, such as drug cartels and terrorist financiers, were successfully moving cash.
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Etherecash.io. The blockchain technology could deliver a new-found trust to the country while establishing a larger sense of security and reliability.
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Etherecash.io. The future of financial security lies with an entirely different platform, the blockchain, not with banks.
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Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Etherecash is developing a forward-thinking Ethereum-based platform that will give the power back to the people.
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Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
What's in your cryptocurrency wallet? What is your online identity? Where do you go and with whom? This is the future of online and online transactions and the present of personal data storage, as well. No longer will you log onto the internet to chat with old friends or new, nor will you post things to social media or upload them to Facebook. You'll simply access social media networks such as Twitter and Facebook through encrypted VPN connections. Even your real world internet browsing will go encrypted. All data on a blockchain distributed ledger will be digitally signed and cryptographically secured. Ledgers can be used for health records on the blockchain, not just digital currency.
Now is the future of online and online transactions, and it's all due to encrypted VPN connections. Everything from Twitter to your Netflix account is linked to your actual identity through the blockchain distributed ledger. These new encrypted connections between the real world and the virtual world will provide a way to access all the information you need through encrypted connections to the blockchain database. That data can even be secured with a passphrase that will prevent others from accessing it without your express permission.
These connections can only be made through secure VPNs, which have keys that need to be supplied by a "trusted party" so that your VPN is truly anonymous. These keys can only be obtained through legal or trustworthy channels.
What's in your cryptocurrency wallet? What is your online identity? Where do you go and with whom? This is the future of online and online transactions and the present of personal data storage, as well. No longer will you log onto the internet to chat with old friends or new, nor will you post things to social media or upload them to Facebook. You'll simply access social media networks such as Twitter and Facebook through encrypted VPN connections. Even your real world internet browsing will go encrypted. All data on a blockchain distributed ledger will be digitally signed and cryptographically secured. Ledgers can be used for health records on the blockchain, not just digital currency.
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Now is the future of online and online transactions, and it's all due to encrypted VPN connections. Everything from Twitter to your Netflix account is linked to your actual identity through the blockchain distributed ledger. These new encrypted connections between the real world and the virtual world will provide a way to access all the information you need through encrypted connections to the blockchain database. That data can even be secured with a passphrase that will prevent others from accessing it without your express permission.
These connections can only be made through secure VPNs, which have keys that need to be supplied by a "trusted party" so that your VPN is truly anonymous.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Nikolay Nikiforov, Russia's Minister of CMM said, "Countries who don’t start innovating with cryptocurrency and blockchain technology will quickly be left in the dust.
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If you are a beginner in the crypto world and you have no idea about blockchain and database. Check this infographic that is all about the blockchain and database, are the the same? Learn more at wazirx.com/
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Blockchain is a record of transactions, spreading across the internet as more people use cryptocurrencies. A blockchain is a chain of blocks containing data. In a blockchain database, the control is decentralized and is spread amongst various nodes (participants) in the network. All these nodes reach a common consensus using a consensus algorithm to decide which block is to be appended to the chain. This consensus protocol makes the data immutable and difficult to tamper.Near and Learn is one of the leading online training provider offering cost-effective, quality and real time training courses on this booming analytics field. Their training courses are perfectly designed by experts with strong experience and industry background to impart better knowledge for the candidates attending the training.
Etherecash.io. Putin launched Russia’s national Cryptocurrency-- CryptoRuble. Russia’s advancement over the Eurasian Economic counterparts and fight against illegal activities. Here is our take on it.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
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Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.
Etherecash.io. Australia faces a huge financial crime crisis. Find out how to safeguard your personal information and financial transactions here.
Purchase our Etherecash token through our ICO from November 15th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.
Buy our tokens now. Visit Etherecash.io.